If you are looking for a Mortgage Professional who will give you the type of service that you deserve, contact Bob Amato (NMLS # 8632) and Empire Home Mortgage Inc. (NMLS # 44882). We answer our phones seven days a week until 9PM. Put us to the test! Our toll free number is (866) 742-5227.
Visit our website, www.empirehomemortgageinc.com . There you can get answers to all of your financing questions, view rates and search for foreclosed properties.
If you are considering locking in an interest rate for a New York mortgage or a Florida mortgage, read this post.
The Institute for Supply Management (ISM) released their manufacturing index for March this morning. It revealed a reading of 53.4 that exceeded forecasts of 53.0, indicating that manufacturer sentiment about business conditions was stronger than thought. That makes the data unfavorable for the bond market and mortgage rates because a strengthening manufacturing sector means stronger economic growth.
The rest of the week brings us the release of two more monthly economic reports in addition to the minutes from the most recent FOMC meeting. The next is February's Factory Orders early tomorrow morning. This data is similar to last week's Durable Goods Orders report, except it includes orders for both durable and non durable goods, giving us a measurement of manufacturing sector strength. It is also the least important of this week's reports. Unless it varies greatly from forecasts of a 1.4% increase, I suspect that it will be a non factor in the mortgage market.
Also tomorrow, the Fed will release the minutes of their last FOMC meeting. Market participants will be looking at them closely as they give us insight to the Fed's current thought process and individual Fed member opinions. Any surprises in the 2:00 PM ET release, particularly about inflation or the likelihood of a Fed move to boost economic activity, could cause afternoon volatility in the markets tomorrow and possible changes in mortgage pricing.
Overall, I think it is going to be an active week for the mortgage market. The most important day is Friday, but not only because the almighty monthly Employment report is being posted. Friday is Good Friday, meaning the stock markets will be closed. However, due to the release of the Employment report, the bond market will be open until noon ET Friday. This means that bond trading will take place without the influence of stock gains or losses after the major news is posted. This will likely cause additional movement in stocks Thursday afternoon as investors protect themselves from Friday’s events and the long weekend.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Empire Home Mortgage Inc. is a registered Mortgage Broker with the New York and Florida State Banking Departments and our loans are arranged through third party providers.
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